ADAUSD Ascending Channel Starts to Break
Updated
Important things to note:
If you want to see the overall plan for ADA look at post "ADSUSD A Price Movement Roadmap (All futures moves will correspond)
ADA has closed below channel but will retrace to 2.5, retest 200MA if bullish, or just fall to my target of 2.2.
ADA price is offset to BTC price moves which is why I believe move to 2.2 (may settle at 2.25) is more likely than 2.0.
On my "Roadmap" chart 2.0 is my worst case scenario level.
I believe BTC will push upwards at about 42826. If things stay the same, this will correspond with ADA at 2.2.
Price was denied first at resistance.
Price was denied at 200MA
My major target is still 3.25
Alonzo release was priced in already, long term very bullish.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So I have to make this quick. If you took a good look at my roadmap chart, you already know where ADA is headed and there will not be any surprises. ADA closed just below the channel. The price was beat down by the denial at resistance which I mentioned could happen in my last chart. It then tested the 200MA and got denied again sending the price downward. Right now the price can retrace to 2.5, test the 200MA if bullish all of a sudden, or fall to 2.2 and then retrace which I doubt. There is likely to be a lot of back and fourth action before 2.2 occurs but we will see. This move to 2.2 should correspond with BTC hitting 42826 which I believe will likely cause an impulse buy sending BTC back upwards. However, if BTC falls to 38k, we will see 2.0. That is what I believe at least by what I see right now. Alonzo was obviously priced in already which I think we all were expecting. However, Alonzo will prove to be extremely bullish long term. We are likely to see new developments in the defi space in October. I still have a major target of 3.25 which was backed up by 2 patterns, it is just a matter of time as far as I am concerned. Hopefully BTC will finish its correction soon. It will be finished once there is an impulse buy at a discount that people cannot say no to. It could last a couple more weeks so just be prepared. Try to stay relaxed, you already know the moves. You can enter at your discretion, however I personally would not exit the position until the end of the bull market. I will continue to watch ADA and update you all accordingly. Thanks everyone!
Also, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
If you want to see the overall plan for ADA look at post "ADSUSD A Price Movement Roadmap (All futures moves will correspond)
ADA has closed below channel but will retrace to 2.5, retest 200MA if bullish, or just fall to my target of 2.2.
ADA price is offset to BTC price moves which is why I believe move to 2.2 (may settle at 2.25) is more likely than 2.0.
On my "Roadmap" chart 2.0 is my worst case scenario level.
I believe BTC will push upwards at about 42826. If things stay the same, this will correspond with ADA at 2.2.
Price was denied first at resistance.
Price was denied at 200MA
My major target is still 3.25
Alonzo release was priced in already, long term very bullish.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So I have to make this quick. If you took a good look at my roadmap chart, you already know where ADA is headed and there will not be any surprises. ADA closed just below the channel. The price was beat down by the denial at resistance which I mentioned could happen in my last chart. It then tested the 200MA and got denied again sending the price downward. Right now the price can retrace to 2.5, test the 200MA if bullish all of a sudden, or fall to 2.2 and then retrace which I doubt. There is likely to be a lot of back and fourth action before 2.2 occurs but we will see. This move to 2.2 should correspond with BTC hitting 42826 which I believe will likely cause an impulse buy sending BTC back upwards. However, if BTC falls to 38k, we will see 2.0. That is what I believe at least by what I see right now. Alonzo was obviously priced in already which I think we all were expecting. However, Alonzo will prove to be extremely bullish long term. We are likely to see new developments in the defi space in October. I still have a major target of 3.25 which was backed up by 2 patterns, it is just a matter of time as far as I am concerned. Hopefully BTC will finish its correction soon. It will be finished once there is an impulse buy at a discount that people cannot say no to. It could last a couple more weeks so just be prepared. Try to stay relaxed, you already know the moves. You can enter at your discretion, however I personally would not exit the position until the end of the bull market. I will continue to watch ADA and update you all accordingly. Thanks everyone!
Also, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
Note
So, I wanted to let some people know that you should never exit a position during a bull market if the asset has good fundamentals. You can leverage short your position, but I would not exit (more advanced trading, if you don't know what you are doing, DON'T DO THIS). If you are just building your portfolio, do nothing, buy the dips using dollar cost averaging and wait. It is okay to take profit, but when you take profit, you do it when you are seeing smaller and smaller new highs (slope decreasing and you do it right after the retracement fails to make a new high. If you look at aug28 and sep2 there is a big red candle after the high, that is what is happening. Never take profits during a pullback. Keep this in mind throughout your trading career. Do not try and get rich quick, try to build a robust portfolio first. Hopefully this will help you in the future. This is not financial advice. This is just my opinion, do your own DD.
Note
ADA has poked a hole in the channel producing a long wick letting us know it wanted to test the 2.3 level. It is in the process of moving as we speak. There was almost no retracements, so the bearish momentum is high right now. It is likely to stop at 2.25 before it heads to 2.2.Note
This is also likely the time where BTC will make its move to 42826. Set an alert at 2.25 and right below 2.2, I will not be awake when this move happens. The only real worst case scenario bottom we have right now is 2.0 so make sure you set those alerts. If you are looking to enter low, enter your limit orders.Note
Once a bottom is found, you will know it because the price will retrace back to 2.5 completing the pattern. I am going to sleep now everyone! Cheers!
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